The big data analytics market is expected to reach approximately USD 275 billion by the end of 2023 with approximately 12% CAGR during the forecasted period from 2017 – 2023.
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Big data is generally termed as large and varied sets of data and examining the data for identifying customer trends and preferences, data patterns, relations for the companies to take better business decisions. The big data analytics market is subject to grow due to many of the reason like increased growth of the Internet of Things (IoT), for devices, sensors and different machines connected with each other giving an ability to generate the huge amount of data in real time. Customers will be connected digitally with most of the operational processes becoming digitized and automated, thus giving the rise to automated decision making based on algorithms requiring the analytics. Another significant factor giving the rise to the big data analytics market is the insufficient data within the organizations which is making the companies turn to social media, open forums and websites resulting in the unstructured and fragmented data giving a need in the rise of big data analytics.
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Big data comprises of software and hardware components and the data set ranges from Megabytes to Terabytes. Companies use advances analytics techniques for large, and diversified data sets, allowing the researchers, analysts and business owners to make decisions based on the data that was previously inaccessible. A many number of companies are investing in the big data analytics, which has led banking and manufacturing industry to invest more in big data analytics majorly due to security and compliance issues. Many other industries other than banking and manufacturing are more inclined towards finding the customer experience information to better use the data for customer retentions and customer delight.
For the purpose of this study, Market Research Future has segmented the market of big data analytics market research into type, infrastructure, end – users, and region.
End – User
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Rest of the world.
Storage chipset providers
Network Security providers
Cloud service providers
Wireless service providers
The market for big data analytics is divided under North America, Asia pacific, Europe and rest of the world under the region. The North America, especially United States is leading and will continue to lead the market for investments in the big data analytics with more than 80% investments from the region. Another reason for the increased market growth in the North American region is due to the concentration of the large big data companies in the U.S. following U.S is the Europe and Asia pacific region in terms of the investments in big data.
The big data analytics market holds some of the major players like IBM Corporation (U.S.), Teradata Corporation (U.S.), VMware, Inc (U.S.), Tableau Software (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Pentaho (U.S.) Microsoft Corporation (U.S.), Google Inc (U.S.), Hewlett Packard Enterprise (U.S), Datameer (U.S.). The market for big data analytics is growing at a significant rate and includes many new entrants in the big data analytics market majorly in Customer analytics and content analytics solutions due to higher demand of e – commerce.